‘Hanwha Forena Jeju Edu City’ First Priority Subscription to be Held on the 29th

- Mixed Trends in Real Estate Market with Strong Supply Complexes in School Districts
- Continued Inquiries for Hanwha Forena Jeju Edu City Near Jeju Young-yeo Education City Hosting 4 International Schools

Amid mixed trends in the nationwide real estate market, the strength of so-called "school district areas" with excellent school zones continues to persist.

School district areas are highly preferred by buyers with school-age children because they form a superior educational environment with many parents interested in their children's education, and are located near academy districts. Additionally, due to the nature of school district areas where many family households reside, the surrounding living infrastructure is well established, often making these areas representative affluent neighborhoods.

Accordingly, complexes supplied in school district areas this year are closing subscriptions with high competition rates. According to the Korea Real Estate Board's subscription homepage, 'Sajik Haneulchae Resentia,' supplied last month by Kolon Global in Sajik-dong, Dongnae-gu, one of Busan's representative school districts, attracted 6,171 applicants for 55 first-priority units, closing with an average competition rate of 112 to 1. Earlier this year, 'The Sharp Songdo Arkbay,' supplied by POSCO Construction in Songdo 1 District, considered the best school district in Incheon, received 22,848 applications for 486 first-priority units and sold out early.

The popularity of school district areas remains steady in the sales market as well. The 'Mokdong New Town Complex 9' in Mokdong, Yangcheon-gu, Seoul, known as one of Seoul's three major school districts, saw its 106㎡ unit transaction price rise from 1.98 billion KRW in February to 2.15 billion KRW in March, setting a new record. Similarly, 'Gukhwa Hanshin' in Dunsan-dong, Seo-gu, Daejeon, with an 84㎡ unit, changed hands in April for 720 million KRW, 120 million KRW higher than the previous transaction price of 600 million KRW.

Kwon Il, head of the research team at Real Estate Info, said, "Despite the somewhat rigid real estate market this year, complexes in school district areas with excellent educational conditions remain highly popular. Many buyers want to move to school district areas for their children's education, but due to the scarcity of such areas, there are few alternatives."

Meanwhile, complexes with excellent educational environments are attracting attention. 'Hanwha Forena Jeju Edu City,' currently being supplied by Hanwha Construction in Daejeong-eup, Seogwipo-si, Jeju, is the main focus.

This complex will accept first-priority subscriptions (for relevant and other regions) on the 29th and second-priority subscriptions on the 30th, with winners announced on September 5. Applications can be submitted online via the Korea Real Estate Board's subscription homepage.

Hanwha Forena Jeju Edu City is located just a 5-minute drive from Jeju English Education City, which is emerging as a new affluent area in Jeju, based on the country's highest level of educational environment. Currently, four international schools have opened in Jeju English Education City: St. John's Beria Academy Jeju (SJA), North London Collegiate School Jeju (NLCS), Branksome Hall Asia (BHA), and Korea International School Jeju Campus (KIS).

In particular, the international schools located within Jeju English Education City allow 100% domestic enrollment, emerging as an alternative to studying abroad, attracting high interest from education-focused parents.

Additionally, Hanwha Forena Jeju Edu City boasts excellent living infrastructure. Residents can use major commercial facilities within the English Education City, and reach Jeju Shinhwa World, a leading premium resort in Korea, and Daejeong Hanaro Mart within 10 minutes by car. The complex also offers access to pleasant natural environments such as Gotjawal Provincial Park, with about 7 km of park trails, and Sagye Coast, as well as nearby leisure facilities like Blackstone CC and Teddy Valley CC.

Hanwha Forena Jeju Edu City also features excellent product qualities. With a total floor area of 117,616㎡ (equivalent to 16 soccer fields) and buildings up to 5 stories high, it provides a comfortable residential environment. The complex incorporates landscaping over approximately 36,000㎡ (about 3.4 times the grass area of Seogwipo World Cup Stadium), securing a landscaping ratio of over 40%, and is planned as a park-type eco-town with no cars on the ground level.

Furthermore, four community facilities, including a park community and sunken community, are arranged considering residents' movement lines. It is the only complex in the project area to have separate main and secondary entrances, reducing congestion during commuting and school hours. Additionally, an underground parking lot with 1.9 parking spaces per household ensures ample parking.

Lee Jung-seok, sales director at Hanwha Construction, said, "Hanwha Forena Jeju Edu City is located near Jeju English Education City, which has high investment value and residential preference in Jeju, so inquiries continue steadily."

Hanwha Forena Jeju Edu City is currently operating a model house, with move-in scheduled for January 2025.